20.3k views
3 votes
A business receives $5 000 for Rent

Revenue and deposits this amount into its
Bank account. How will this transaction
be recorded?

User Zaq
by
8.1k points

1 Answer

0 votes

Answer: Dr Bank $5 000; Cr Rent Revenue $ 5 000

Step-by-step explanation:

From the information given in the question, we are informed that a business receives $5 000 for Rent

Revenue and deposits this amount into its bank account, this transaction will be recorded thus:

Debit Bank $5000

Credit Rent Revenue $5000

The correct journal entry is written above with regards to the transaction.

User Bharat Sharma
by
8.1k points

No related questions found

Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

9.4m questions

12.2m answers

Categories